Fast food businesses may dominate the franchise industry, but that doesn’t mean fitness franchises aren’t growing stronger each day. In fact, Entrepreneur ranked 21 fitness companies on the Franchise 500 for 2015. Take a look at the top five fitness franchises holding their own:
Although only operating since 2002, Anytime Fitness has grown to become the No. 2 franchise on Entrepreneur Magazine’s Franchise 500. This “neighborhood-style” fitness club is always open and affordable. The franchise fee ranges from $22,00 to $32,500 and the total investment from $78,700 to $371,175. A net worth of $250,000 and at least $70,000 in liquid assets are required. The term of franchise agreement is five years with an ongoing royalty fee of $549 per month. All current franchises are owner/operators and 40 percent own more than one unit.
Planet Fitness brands itself as a “Judgment Free Zone” with no “gymtimidation” as it was started to serve occasional and/or inexperienced gym users. Today there are locations nationwide and the company is looking to expand further. With an initial fee of $10,000, the total investment falls between $824,200 and $3,725,000. The term of franchise agreement is renewable after 10 years and requires an ongoing royalty fee of five percent. The financial requirements are a net worth of $1,500,000 and $500,000 in liquid cash. Absentee ownership is not allowed, and 70 percent of current franchisees are owner/operators.
Gold’s Gym first opened in 1965 and has been franchising since 1980, but it shows no signs of slowing down. Ranked in the top 200 of Entrepreneur Magazine’s Franchise 500 this year, Gold’s Gym is seeking to expand worldwide. The total investment is at least $1,033,000 and the franchise fee is $40,000. This gym requires a net worth of $1,000,000 and $400,000 of liquid assets, but it allows absentee ownership. The term of franchise agreement lasts ten years with an ongoing royalty fee of five percent.
While Retro Fitness’ facilities are ‘80s-themed, the business’ success is not out-of-style. Besides fitness equipment and group training, Retro Fitness also features a smoothie bar, tanning and chiropractic services. The total investment for opening a Retro Fitness ranges from $1,006,600 to $2,065,500, including an initial franchise fee of $69,000. Potential franchisees must have a net worth of $1,500,000 and $300,000 in available liquid cash. The term of franchise agreement is 10 years with an ongoing royalty fee of five percent. One quarter of all franchisees own more than one unit and absentee ownership is allowed.
Orangetheory is a fitness studio providing high-energy group workouts that began franchising in 2010. Ranked No. 19 on Entrepreneur’s list of Top New Franchises in 2015, the company is looking to start new units both within the United States and internationally. Orangetheory requires an initial fee of $39,500 and the total investment for opening a unit lies between $327,600 and $634,100. Other financial requirements include a net worth of $500,000 and $150,000 in available liquid cash. Absentee ownership of an Orangetheory studio is not allowed.
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By Erin Cizek